Fine paid to custom authorities is penalty under sec 167 (8C) of Custom Act. and it cannot be treated as loss incurred from business


Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
On the facts & in the circumstances of the case & in law, the Learned Commissioner of Income-tax (Appeals) erred in confirming the disallowance of Rs. 12,46,272/- made by the Learned Assessing Officer on interest free advances made to sister concerns

Citation :
M/s Taurian Iron & Steel Co. Pvt. Ltd.,302-A, Poonam Chambers,Dr. Annie Besant Road, Worli,Mumbai – 400 018.PAN AAACT 4814 A Appellant Vs.Addl. Commissioner of Income Tax,Range 4(3), Mumbai.Respondent ITA No. 1613/Mum/2010 Assessment year 2006-07 Asst.Commissioner of Income Tax,Range 4(3), Mumbai.Appellant Vs.M/s Taurian Iron & Steel Co. Pvt. Ltd.,302-A, Poonam Chambers,Dr. Annie Besant Road, Worli,Mumbai – 400 018.PAN AAACT 4814 A Respondent

Daily Limit Reached

You have reached your daily limit of 2 Free Judgements

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Community
  • Daily E-Newsletter
  • Unlimited Judgements Access
  • Profile Visitors
  • Link Social Profiles
  • Featured Job Posts
  • Pro Badge
  • Expert GST Guidance
  • Unlimited Forum Replies
  • Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

View all CCI PRO benefits

Already a PRO member? Login here for an ad-free experience. 07941056694

 



Judgement posted by

Expert

Comments




CCI Pro



Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details
Company
ARTICLESHIP 28 October 2026
Article assistants

Shyam S Gupta and Company

New Delhi

CA Inter

View Details
Company
31 October 2026
Accountants

sankaran and krishnan

New Delhi

B.Com

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
30 October 2026
Asst Manager Accounts

Goodwin Pumps India Pvt Ltd

Chengalpattu

CA Inter

View Details
Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
Featured ARTICLESHIP 31 October 2026
CA Articleship

apricus india

Navi Mumbai

CA Inter

View Details
Company
23 October 2026
Sr. Accountant

SANKARAN & KRISHNAN

New Delhi

B.Com

View Details